PRINCETON, NJ, Feb. 12 /PRNewswire-FirstCall/ - NUCRYST Pharmaceuticals Corp., a developer and manufacturer of medical products that fight infection and inflammation, today announced the results of a special meeting of shareholders. The special meeting of shareholders was called to consider a special resolution ("Special Resolution") pursuant to section 38(1) of the Business Corporations Act (Alberta) to reduce the stated capital of the outstanding NUCRYST common shares by an amount equal to the product of the number of common shares outstanding on the date of the meeting and $0.80 for the purpose of distributing $0.80 cash per share to the common shareholders of NUCRYST.
The distribution which will total $14.7 million equals approximately 59% of NUCRYST's $25.0 million in cash and cash equivalents as of January 31, 2009. NUCRYST set a distribution payable date of February 25, 2009.
The Special Resolution was passed and February 17, 2009 was set as the record date for the distribution. The Toronto Stock Exchange ("TSX") has determined that mandatory special settlement rules will be applied and the common shares will commence trading ex-distribution on the TSX at the opening of the markets on February 17, 2009.
Under NASDAQ OMX rules, the shares will continue to trade with the distribution until its ex-distribution date of February 26, 2009.
NUCRYST also announced the resignation of Thomas E. Gardner from the Board of Directors, effective immediately. Mr. Gardner previously served as Chairman, President, & Chief Executive Officer of NUCRYST until January 2009.
NUCRYST will release its 2008 fourth quarter and full year financial results on Tuesday, February 17, 2009. A conference call will be held that morning to discuss the financial results as well as the impact of the return of capital on NUCRYST's business plans.
All amounts are in U.S. dollars.
About NUCRYST Pharmaceuticals Corp.
|SOURCE NUCRYST Pharmaceuticals Corp.|
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